Up-to-the-minute advice, information, resources, and, on occasion, commentary on federal and New Jersey state income taxes, and the various New Jersey property tax rebate programs, and insights and observations on tax policy and professional tax practice, by 40-year veteran tax professional Robert D Flach.

Monday, January 22, 2018

WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

“Feb. 27, 2018: If you’re
claiming the earned-income tax credit or need to apply for the child tax
credit, you’ll have to wait longer. The IRS expects refunds for tax returns
claiming those tax credits to be available starting Feb. 27, at the earliest.
If you’re claiming either credit, that means the IRS holds back your entire
refund — not just the portion connected to the specific tax credit.”

“I am going to assume further
that you filed your 2016 tax return early based on an estimate or last pay stub because you wanted your refund quickly.

Not only is that a bad idea, it's against the rules: The
Internal Revenue Service (IRS) specifically
bars tax preparers from e-filing your tax returns without receipt of forms W-2,
W-2G and 1099-R. And while there are
some tax preparers who will do anything for a dollar, I would advise you to
find a tax professional who is willing to explain what can happen to you when
you file without the right documentation.”

Kelly says that property taxes paid on a personal use vacation home
can be included in the $10,000 maximum deduction.

So, it appears you can deduct up to $10,000 in a combination of
property taxes and state and local income or sales taxes on Schedule A for 2018
– 2025. If the property taxes on your
primary personal residence are $6,000, and you have a vacation property with
property taxes of $3,000, you can deduct up to $1,000 of state and local income
or sales taxes to come up with the maximum $10,000.

No surprise about the tax evasion – and getting caught. All these
reality tv "celebrities" (including the one in the White House) are
merely self-absorbed and self-important idiots with limited intelligence.

* Did
you know that if you owe too much money to your Uncle Sam the IRS can revoke
your passport, or deny your passport application or renewal? Also at FORBES.COM, Robert W Wood explains “How Overdue Taxes Can Jeopardize Passports”.

“In
2015, the top 50 percent of all
taxpayers paid 97.2 percent of all individual income taxes while the bottom 50 percent paid the remaining
2.8 percent.”

THE FINAL WORDS

Part I -

The ridiculous Turbo Tax tv ads seem to be
saying that taxpayers should not be afraid to use TT software to prepare their
tax returns.

This is obviously not true. Individuals who use a “box” to self-prepare
their 1040 need to be afraid that the return was not prepared correctly and
that the IRS will charge them penalties and interest when the errors are
eventually discovered.

It is difficult to decide whose tv ads are
more stupid – Turbo Tax or Henry and Richard.

It is "a must-read for Americans who are in denial about the threat to
democracy posed by a president absorbed in narcissism and recklessly
indifferent to the institutions and norms of ethics and propriety that have
sustained the great American experiment for 2½ centuries.

His
attributions are meticulous, his footnotes are extensive, his willingness to
call out deviations from his conservative brethren is commendable.

Therein
lies the power and credibility of Frum’s conclusions. They are supported by
verifiable facts, grounded in historical context, devoid of ideological hue.”

AIN'T THAT THE TRUTH!

DONALD T RUMP HAS NOT DONE A SINGLE THING THAT IS "APPROPRIATE" OR "ACCEPTABLE" FOR A CANDIDATE OR A PRESIDENT SINCE THROWING HIS HAT INTO THE RING.EVERY SINGLE DAY TRUMP PROVIDES MORE PROOF THAT HE IS AN IGNORANT, SELF-ABSORBED, UNFIT, MENTALLY UNSTABLE IDIOT, AND A DEPLORABLE AND DESPICABLE HUMAN BEING.TRUMP MUST BE REMOVED FROM OFFICE FOR MENTAL INCOMPETENCE ASAP! PLEASE READ AND SHARE THIS - THE TRUTH ABOUT TRUMP'S MENTAL CONDITION

Donald T Rump has not done a single thing that anyone with intelligence would consider “appropriate” or “acceptable” for a President since deciding to run for office.

Every single day Trump provides more proof that he is an ignorant, self-absorbed, unfit, mentally unstable idiot, and a deplorable and despicable human being, who must be removed from office ASAP.

VERY IMPORTANT -

(1) Before contacting me with questions about how a blog post relates to your specific situation, please be aware that I do not give free tax advice to non-clients by e-mail, comment response, or phone. So don't waste your time and mine.

(2) I am winding down my tax practice, and I will not, under any circumstances, accept any new clients. Period. I am actually trying to "thin the herd".